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Subsequent Events
9 Months Ended
Oct. 31, 2017
Subsequent Events [Abstract]  
Subsequent Events

Note 12. Subsequent Events

On November 27, 2017, we entered into a secured credit agreement with Wells Fargo Bank, National Association with a maturity date of November 27, 2020 (November 2017 Facility). The November 2017 Facility provides for an $85.0 million revolving credit facility, with a sublimit of $30.0 million available for the issuance of letters of credit. The proceeds of the revolving loans may be used for general corporate purposes. The revolving loans accrue interest at a prime rate plus a margin of 0.25% or, at our option, a LIBOR rate (based on one, three or six-month interest periods) plus a margin of 1.00%.  Interest on the revolving loans is payable quarterly in arrears with respect to loans based on the prime rate and at the end of an interest period in the case of loans based on the LIBOR rate (or at each three month interval if the interest period is longer than three months).  As of November 29, 2017, there was $40.0 million in revolving loans outstanding and $26.0 million in letters of credit issued under the November 2017 Facility. Borrowings under the November 2017 Facility were collateralized by substantially all of our assets.

The November 2017 Facility requires us to comply with a maximum leverage ratio and a minimum liquidity requirement.  Additionally, the November 2017 Facility contains customary affirmative and negative covenants, including covenants limiting our, and our subsidiaries’, ability to, among other things, grant liens, incur debt, pay dividends or distributions on the capital stock, effect certain mergers, make investments, dispose of assets and enter into transactions with affiliates, in each case subject to customary exceptions for a credit facility of the size and type of the November 2017 Facility.

On November 27, 2017, we paid in full all amounts outstanding under the December 2015 Facility, including the outstanding principal balance of $40.0 million, and terminated the December 2015 Facility and all related loan documents and collateral documents, in conjunction with entering into the November 2017 Facility. We were not obligated to pay any early termination penalties as a result of the termination. The related remaining unamortized debt issuance and end of term fees was not material. We disclosed our debt commitment in Contractual Obligations and Commitments within Item 2 to reflect our entry into the November 2017 Facility and our termination of the December 2015 Facility.

On November 29, 2017, the restrictions on our certificates of deposits that collateralized the letters of credit were released as the letters of credit were deemed to be included under the November 2017 Facility sublimit. As such, we released $26.0 million from restricted cash to cash and cash equivalents. We expect the release of this restricted cash will have a material impact on the condensed consolidated balance sheet and consolidated statement of cash flows for the three months and twelve months ending January 31, 2018.